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20110728
20110728
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says that mr. obama wants big government, not a big economy. >> republicans have tried to persuade the president of the need for a course correction. but weeks of negotiations have shown that his commitment to big government is simply too great to lead to the kind of long-term reforms we need. >> question. when the negotiations started, president obama was looking for a big deal. $4 trillion in spending cuts and tax hikes. has the big deal turned into a big fizzle, pat buchanan? >> it has not, john. did it for awhile but now it is back, and we're talking about something close to adds 4 trillion deal. the president is deep in negotiations with boehner and cantor, and here are the terms. you raise the debt ceiling, at the same time there are 3 trillion in cuts, and they deal with social security and medicare. there is no revenue enhancement. however, you get together some kind of commission which what it does, john, it drops tax rates in return for giving away these deductions, exemptions, allowances, breaks, which in effect is pure reaganism. there's one problem with that. there's a
the dollar. ai, give us the latest take on that. >> absolutely, catherine. big losses overnight in europe and the u.s. new york share prices plunged on wednesday as u.s. policymakers could not resolve their deadlock over raising the nation's debt ceiling. the dow jones industrial average lost more than 198 points and ended the day wednesday that is at 12,302. the index had dropped over 200 points at one stage. investors placed sell orders on a wide range of issues as lawmakers could not reach an agreement on the debt limit. the stock market lost more ground after the u.s. central bank said the american economy is slowing down in its periodic survey of economic conditions. sources say the focus of market players now is whether lawmakers can come up with a deal before the august 2nd deadline. >>> and to see how stocks are trading here in japan this thursday morning, we cross over to ramin mellegard who is at the tokyo stock exchange. good morning. what can you tell us? >> good morning to you, ai. whey can tell you is that the nikkei has broken below the key psychological 10,000 for the firs
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